Highlights

  • Third quarter 2026 revenue was $2,639 million, net income was $119 million and diluted earnings per share were $0.84.
  • Non-GAAP adjusted EBITDA was $276 million in the third quarter, including a $4 million negative metal price lag impact.
  • Total liquidity was $992 million at September 30, 2026, and nine-month net cash flows from operating activities were $420 million.
  • Management said on the call it expects full-year adjusted EBITDA of $1.03 billion to $1.06 billion, excluding metal price lag.

Constellium SE (NYSE:CSTM) shares were trading at USD 24.12 on October 28, 2026, down 1.79%, with a relative volume at time of 3.84. The aluminum products maker filed its quarterly report for the period ended September 30, 2026 on October 28, 2026, and management discussed share repurchases and its full-year outlook on the earnings call.

Constellium SE is organized under the laws of France and lists a U.S. office in Baltimore, Maryland. The company develops, manufactures and sells specialty rolled and extruded aluminum products for aerospace, space, defense, packaging, automotive, commercial transportation and general industrial markets. It reports three segments: Aerospace & Transportation, Packaging & Automotive Rolled Products, and Automotive Structures & Industry. At September 30, 2026, it operated 23 manufacturing facilities, 3 R&D centers and 3 administrative centers. Its fiscal year ends December 31, and it has approximately 11,500 employees.

Third Quarter Results

Constellium reported revenue of $2,639 million for the three months ended September 30, 2026, compared with $2,166 million a year earlier. The company said revenue increased 22%, reflecting higher revenue per ton, including higher metal prices, partially offset by lower shipments. Shipment volumes were 368 kt, compared with 373 kt.

Income before tax was $160 million, compared with $126 million. Net income was $119 million, compared with $88 million, and diluted earnings per share were $0.84, compared with $0.62. Adjusted EBITDA, a non-GAAP measure, was $276 million, compared with $235 million, and included a negative non-cash metal price lag impact of $4 million.

For the nine months ended September 30, 2026, revenue was $7,848 million, compared with $6,248 million, and net income was $463 million, compared with $162 million. Nine-month adjusted EBITDA was $1,074 million, including a metal price lag impact of $222 million.

Segment Results

Segment Adjusted EBITDA in the third quarter was $102 million for Aerospace & Transportation, compared with $90 million. Packaging & Automotive Rolled Products was $162 million, compared with $82 million. Automotive Structures & Industry was $21 million, compared with $33 million. Holdings and Corporate was $(5) million, compared with $(9) million.

Liquidity, Cash Flow and Capital Returns

Constellium had $992 million of total liquidity at September 30, 2026. That comprised $158 million in cash and cash equivalents, $541 million of availability under its Pan-U.S. ABL facility, $179 million under factoring arrangements and $114 million under a committed asset-based facility for its French subsidiaries.

Net cash flows from operating activities were $420 million for the nine months, compared with $271 million. Capital expenditures, net of property, plant and equipment inflows, were $197 million, compared with $203 million. Net cash flows used in financing activities were $184 million, which the filing attributes primarily to repayment of long-term debt and share repurchases.

During the nine months, the company redeemed $100 million of the $325 million outstanding principal amount of its 5.625% Senior Notes due June 2028 and repurchased 2.8 million ordinary shares for $78 million. In the third quarter it repurchased 1 million shares for $30 million. On the call, management said approximately $257 million remained on its current repurchase program, which expires in December 2028.

Full-Year 2026 Outlook

The 10-Q does not provide numerical guidance. On the call, management said it was raising its full-year outlook and expects adjusted EBITDA of $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag, and free cash flow in excess of $300 million.

Management also said it expects capital expenditures of approximately $330 million, cash interest of approximately $125 million and cash taxes of approximately $105 million for the year. It said it expects to use free cash flow primarily for debt reduction and share repurchases, and that it expects working capital and other to be a larger use of cash than prior guidance.